This card known as the Bank of America Student Travel Rewards Card is one of the most suitable for students who need to earn their rewards while travelling or even while using their card to make other purchases.
Young people are able to use this card without any annual fees and get numerous features for international travel.
In this article we translate the Bank of America Student Travel Rewards Card into layman terms and review its chief variables including features and benefits and listing some of its insurance and disadvantages.
Pros of the Bank of America Student Travel Rewards Card
1. No Annual Fee
Another great idea about the Bank of America Student Travel Rewards Card is that it has no yearly fee. For students, this is perhaps beneficial as it helps reduce cost, whereby although those with the cards can enjoy the bonuses you derive from the cards there are no annual fees.
2. Every Dollar Earned Equals 1.5 Points Regardless of the Purchase Made
The card only has a single tiered reward system, with students getting 1.5 points in their credit for every dollar they spend on their purchases. It is a high earning rate for the student credit card; therefore, the cardholders can easily earn points without having to look at the spending categories.
Bank of America Travel Rewards Credit Card for Students: A Complete Guide
3. Extra Points on Sign-Up
By the latest offer, new card members can get 25,000 points for online bonus when they spent at least $1,000 in the initial three months of having the account. These points can be redeemed for $250 statement credit towards all travel related purchases indicating a very good first reward for a student.
4. No Foreign Transaction Fees
For the students, who plan on traveling to another country, this is a great advantage or boon. Foreign currency transactions attract certain fees especially when using credit cards that have this fees from the company that issued the credit cards.
One of the things you are guaranteed of when using the Bank of America Student Travel Rewards Card is that you will not be charged any extra fee for making foreign transactions.
5. Flexible Redemption Options
Your points earned with this card allow you to purchase almost anything and even special categories such as flights, hotel accommodations, car rental services, and even vacations.
Earned points can be cashed and also, can be used to get statement credits or even gift cards, which makes the cards’ reward programs very flexible.
Pros of the Bank of America Student Travel Rewards Card
1. Especially Suitable for Students who Often have to Travel
The card has no overseas fees on purchases and foreign currency transactions and allows the earning of 1.5 Club Points per dollar spent in all categories, which benefits any student who travels to other countries to learn or travel on vacations frequently.
Discover Student Travel Card: A Comprehensive Guide for Students
2. Easy Rewards Redemption
The late availability in the redemption of points also helps students fulfill their requirements in a convenient manner, for instance one can use the points to book for travel, others may stand to benefit from cash back option or even apply the points to their credit card bill.
3. Low Cost of Ownership
Being neither accompanied by an annual fee nor any foreign transaction fee, this card is cheap to have and use, to help students build up on their rewards without over-spending on fees.
4. Introductory Offer
The additional 25k bonus points can be helpful for students to get yourself off on the rewards programme as soon as possible especially in the first years when the student is likely to make purchases on basic necessities such as text books, travelling and other necessities.
Bank of America Travel Rewards Credit Card for Students: A Complete Guide
Potential Drawbacks
1. Requires Good Credit
Interestingly, even this student card implies that students have good credit to be approved. This may not be the most appropriate for the forming and young students, or those who do not have a credit history.
2. No Introductory APR Offer
Unlike other student credit cards, the Bank of America student Travel Rewards Credit Card does not have any introductory 0% rate on purchase or balance transfer.
This would be a disadvantage for students especially those whose balance or those who make big purchases and pay the balance in installments.
3. Limited Travel Perks
Despite the digital card providing usual travel convenience like the auto rental collision waiver, no foreign transaction fees, it lacks much of the benefits of a great travel card,
for instance, an airport lounge access, travel insurance, complimentary upgrades, among others frequent on the best travel credit cards.
How to Apply for the Bank of America Student Travel Rewards Card
Signing up for the Bank of America Student Travel Rewards Card is quite easy. Online applications can be processed through the Bank of America website or at any branch established across the country. Here are the steps:
1. Eligibility Requirements: Also, before applying ensure that you are qualified for the card by being a student among other factor such as possessing a good credit score.
2. Submit an Application: Application can be completed online, and you should furnish information like your name and address, your Social Security number, and some information about your income.
3. Wait for Approval: After completing the application, Bank of America will analyze your data and contact you about the result of the decision. Otherwise, they will let you know that if they approve your request, the card will be soon sent to you by mail.
Who Should Get This Card?
The Bank of America Student Travel Rewards Card has many advantages and should be recommended for all students who want to learn more about building credit and traveling.
This is good for students who have to travel and also those who prefer to shop internationally without worries of extra charges. NH The travel-friendly credit card for students: Simple, with rewards, and no-fee on this card.
Students Who Will Benefit the Most:
– Frequent travelers: Those who travel for study, during vacations or make frequent international purchases will benefit from this card due to the travel benefits associated with the card.
– Rewards seekers: If you like to be rewarded an unstable number of points based on what you usually or frequently spend on, then this card offers you 1.5 points for every dollar spent.
– Cost-conscious students: The following are the main advantages of the card; You are not charged any fee to make use of the card each year therefore the card yearly fee is zero You are not charged any fee for transactions that are conducted in foreign currencies.
therefore there are no foreign transaction fees I love the idea of no yearly fee for students especially when they are struggling to pay bills to cater for other fees.
Comparing the card with other student travel cards
Still it may be useful in comparing it with other student travel credit card offers available – despite the fact that the Bank of America Student Travel Rewards Card has much of benefits. Here’s how it stacks up against some popular alternatives:
1. Journey From Capital One Student Rewards Credit Card
– Annual Fee: $0
– Rewards: 1% of exactly everything purchased; 1.25% of exactly everything purchased if you pay your bill in full every month.
– Foreign Transaction Fees: None
– Benefits: The Journey doesn’t have the benefit of a higher reward rate like the Bank of America Student Travel Rewards Card offers at 1.5 points per dollar accruing but it does incentivize financially responsible behavior with additional cash back incentives for on-time payments.
Nevertheless, it doesn’t bear travel benefits, so if travel benefits are your primary priority the Bank of America card is a more appropriate for students.
2. It: Student Mastercard Cashback Programme
– Annual Fee: $0
– Rewards: 5% cash back on everyday purchases in a variety of categories that cycle every quarter (on up to $1,500 spent in these categories), as well as 1% cash back for all other purchases.
– Foreign Transaction Fees: 3%
– Benefits: The Discover it® Student Cash Back provides the better cash back in some specified categories, but it is not travel rewarding.
It also has overseas transaction charges, which makes it even less preferable for students who have to travel around the world.
Nonetheless, the long-term, more useful student card for those planning to travel internationally often, is the Bank of America Student Travel Rewards Card.
3. Universally accepted: Deserve EDU Mastercard for Students
– Annual Fee: $0
– Rewards: 1% cash back on other purchases.
– Foreign Transaction Fees: None
– Benefits: It is an international student card and it’s not compulsory to enter one’s SSN to subscribe the card. They earn less than the Bank of America card but this card maybe easier to get especially for students since they are still beginning to build credit.
The Bank of America Student Travel Rewards Card, in contrast, gives a higher amount of points per dollar and helps in using all the travel benefits
To get the most out of your Bank of America Student Travel Rewards card, here are some tips:
1. The frequently purchased items can be purchased with the Card.
When it comes to earning points, the more you spend, the more points you are going to earn since the card offers 1.5 points/dollar on all purchases. Use it on purchases such as food and groceries, gas as well as textbooks, or when eating out to accumulate some points.
2. Use the Introductory Bonus
If you are lucky to be approved for the 25000 point bonus, then ensure that you reach the credit card’s minimum spending of $1000 in the first ninety days. This is a definite bonus to lift up your travel rewards, where you can obtain up to $250 statement credit when it comes to travelling.
3. Your Guide for Getting More Points Out of Your Travel
Still, the flexibility of how you can use the points is valuable; getting points for airline tickets, hotel accommodations or to rent a car can be more valuable than cash back rewards or gift certificates. You should therefore plan for your trips during this time, so that you can benefit from these privileges.
Building Credit as a Student
Another importance of the Bank of America Student Travel Rewards Card is that it enables one build credit while earning on the travels. It is when you build your credit history while in college that this will help you in future in terms of loan approval, low interest rates and quality financial products. Here are some tips for building credit responsibly:
1. Remember that Best Practice is to use a small percentage of your available credit.
Some of the information that kept is the utilization of the credit the amount of credit utilized in relation to the total credit line available. Ideally, your utilization should be below 30 percent for optimum impacts for better fiscal credit rating.
2. Make On-Time Payments
Full payments should be made on time as a way of having a good credit score. Subscribe to reminder services or pay your bills automatically so that you don’t miss any due dates.
3. Monitor Your Credit Score
The free FICO credit score is available to consumers through Bank of America. In this way, credit score can be checked periodically so that there are no surprises and you can act on a certain activity.
Final Thoughts
Bank of America Student Travel Rewards Card is another good card for student who travels often or intend to travel to other country for study.
There are no annual fee and no foreign transaction fee, and It has a straightforward reward scheme making it a great way of accumulating point through daily spending and then being able to redeem them for travel.
Perfect for building credit and having access to travel related perks, this card is ideal for students looking to get a credit card.
However, if as a student, you would wish to get the most out of your travel experiences, improve on your credit and save some dollars then the Bank of America Student Travel Rewards Card is not a bad deal to look at.
Offering a cash back reward with multiple ways to redeem and under $25 in fees, it offers everything the young traveler could require.